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Banking
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April 01, 2024
Texas Judge Halts New Community Lending Rules For Banks
A Texas federal judge has ordered a halt to the rollout of federal banking regulators' recently revamped rules intended to spur bank lending in underserved communities, granting a preliminary injunction sought by bank industry trade groups suing to overturn the changes.
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April 01, 2024
Kirkland Atty Escapes Malpractice Suit Over Loan Docs
A Kirkland & Ellis LLP attorney has secured an early win in a legal malpractice case alleging he botched an estate planning matter and lost his client millions in a later divorce, with a New Jersey federal court finding the client couldn't prove "proximate causation" of alleged damages in light of her subsequent divorce settlement.
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April 01, 2024
Fed Beats Crypto-Focused Bank's Master Account Suit
The Federal Reserve Bank of Kansas City has defeated a suit brought by crypto-focused Custodia Bank over its battle for a so-called master account, with a Wyoming federal judge ruling that Custodia's reading of the law doesn't show it's statutorily entitled to such an account because Congress does not "hide elephants in mouse holes."
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April 01, 2024
Murdaugh Gets 40 Years For Financial Crimes In Fed. Court
Alex Murdaugh, the disgraced former South Carolina lawyer serving a life sentence for murder, was hit with a concurrent 40-year prison term in federal court Monday after pleading guilty to stealing at least $9 million from clients.
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April 01, 2024
Inside The Global Ch. 11 Hunt For Ho Wan Kwok's Money
Chasing the assets of controversial businessman Ho Wan Kwok across dozens of jurisdictions worldwide isn't an impossible mission for the seasoned Chapter 11 trustee pursuing hundreds of clawback claims, but experts predict a formidable task awaits the Paul Hastings LLP partner thanks to a potentially hostile reception in foreign courts.
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April 01, 2024
Canadian Trucking Co. Seeks US Bankruptcy Recognition
Canadian truck dealers the Pride Group on Monday asked a Delaware judge for U.S. recognition of the Canadian insolvency proceedings it began in the face of a more than $90 million claim from Mitsubishi over an alleged loan default.
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March 29, 2024
Petition Watch: Off-Label Ads, Retiree Discrimination & PPE
A Utah attorney has asked the U.S. Supreme Court to determine whether allegedly retaliatory IRS summonses can be quashed, and two former pharmaceutical executives are challenging the constitutionality of their convictions for marketing the off-label use of a drug. Here, Law360 looks at recently filed petitions that you might've missed.
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March 29, 2024
PayPal Gets CFPB's Fee Disclosure Rule Cut Down Again
A Washington, D.C., federal judge on Friday again sided with payment-processing giant PayPal in striking down attempts by the Consumer Financial Protection Bureau to hold digital wallets to certain disclosure and waiting-period rules that apply to physical prepaid payment cards.
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March 29, 2024
5th Circ. Stays CFPB Late-Fee Rule Suit's Move To DC
Bank industry groups challenging the Consumer Financial Protection Bureau's $8 credit card late fee standard have been granted a short-term Fifth Circuit stay of a Texas federal judge's move to send their lawsuit across the country to D.C. federal court.
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March 29, 2024
BofA Sued After FTC Imposter Steals $2M From Accounts
A 67-year-old Florida woman has sued Bank of America over alleged negligence and violations of several federal laws, claiming in the case that was removed to federal court this week that the financial services company failed to protect her accounts as she fell victim to a sophisticated social engineering scam by a person posing as a Federal Trade Commission investigator who stole $2 million.
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March 29, 2024
BofA Unfairly Charges Fees For Others' Bad Checks, Suit Says
Bank of America is the latest financial institution to face a class action alleging it wrongfully charged customers a fee when they deposited checks that then bounced.
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March 29, 2024
GEO Group Brass Agree To Reforms To End Derivative Suit
Shareholders who claimed executives of private prison contractor GEO Group Inc. lied about financing deals with major banks told a Florida federal judge that the company has agreed to a host of corporate reforms to end the derivative suit, which will include the appointment of a chief compliance officer.
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March 29, 2024
CFPB Probe Of Utah Lender Put On Ice For High Court Ruling
A small-dollar lender can hold off on responding to the Consumer Financial Protection Bureau until the U.S. Supreme Court rules on a pending constitutional challenge to the agency, a Utah federal magistrate judge has decided.
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March 29, 2024
Up Next After Bankman-Fried Sentencing: FTX Cooperators
Now that FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison for an $11 billion fraud on the collapsed crypto exchange, it's time for the three top lieutenants who testified against him at trial to face their own judgments — and experts say the cooperators are well positioned to avoid jail time.
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March 29, 2024
Cannabis Co. Consultant Barred From Penny Stock Trading
A Florida federal judge has barred a self-designated consultant for a cannabis company from penny stock trading for life, finding that he knowingly put out statements claiming the company had deals to do business in countries where it was not legally allowed to sell cannabis products.
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March 29, 2024
Off The Bench: Ohtani Woes, Va. Ends Arena Plan, Pac-12 Deal
In this week’s Off The Bench, MLB superstar Shohei Ohtani tries to untangle himself from a gambling scandal, Virginia’s rejection sends two D.C. pro franchises back home, and the Pac-12 pays up to two schools that were left behind. If you were sidelined this week, Law360 will catch you up with the sports and betting stories that had our readers talking.
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March 28, 2024
CFPB Scores Win As Banks' Late Fee Rule Lawsuit Sent To DC
A Texas federal judge ruled Thursday that the U.S. Chamber of Commerce and other trade groups suing to block the Consumer Financial Protection Bureau's $8 credit card late-fee standard must take their case to D.C. federal court, granting the agency's bid to fight the challenge on its home turf.
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March 28, 2024
Morgan Stanley, Goldman Get Archegos Suits Tossed
A New York federal judge on Thursday dismissed a group of lawsuits by investors accusing Morgan Stanley and Goldman Sachs of illegally avoiding billions of dollars in trading losses by acting on nonpublic information about now-defunct Archegos Capital Management.
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March 28, 2024
Wells Fargo Sued Over Role In Texas Atty's Carbon Tech Scam
Wells Fargo and an advisory group including an attorney and accountant from California facilitated a yearslong Ponzi scheme that deceived investors to put money into a fraudulent gas industry carbon capture technology venture, according to a proposed class action filed in Texas federal court.
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March 28, 2024
Investors' Compliance Class Action Falls Short, Discover Says
Allegedly misleading statements on compliance and risk management protocols from Discover Financial Services' top brass were "aspirational" remarks about general practices, the company argued Thursday in seeking to end a proposed securities class action in Illinois federal court.
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March 28, 2024
FinCEN Eyes Relaxing Bank Duties For Customer ID Numbers
The U.S. Treasury Department's anti-financial crimes unit moved Thursday to revisit a long-standing requirement for banks to collect full Social Security numbers from people at account sign-up, saying it is looking at possibly relaxing this identity verification measure amid fintech calls for more flexibility.
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March 28, 2024
Auto Parts Mogul Must Face Lender's $127M Trust Fraud Suit
An auto parts mogul must face allegations that he tampered with assets in a trust that owes hundreds of millions of dollars to a lending agent, a Michigan federal judge said this week after ruling the lender has plausibly alleged the mogul made fraudulent transfers to hinder the debt repayment.
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March 28, 2024
NC Atty Calls Airline Mogul's Bank Records Request 'Reckless'
A North Carolina attorney has asked a federal court to snuff a request by an airline tycoon to dig into the attorney's banking records as part of a hacking conspiracy lawsuit, arguing the request is an overbroad, "reckless" grab at irrelevant information.
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March 28, 2024
Commodities Trader Trafigura To Pay $126M For Brazil Bribes
Switzerland-based Trafigura Beheer BV on Thursday agreed to pay $126 million and admitted to bribing Brazilian government officials in order to obtain business with state oil company Petrobras, becoming the latest global commodities trader to settle with U.S. prosecutors over Latin American corruption.
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March 28, 2024
Grading Garland: Attys Give AG Mixed Reviews 3 Years In
U.S. Attorney General Merrick Garland's name won't be on the ticket in November, but his performance three years into his tenure is a subplot in the 2024 presidential election.
Expert Analysis
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The FINRA Reports That May Foreshadow New AI Rules
By reading the Financial Industry Regulatory Authority’s 2024 annual report detailing the regulatory implications of artificial intelligence tools alongside a similar 2020 FINRA publication, member firms may be able to anticipate which industry areas may soon face AI-specific regulations, say attorneys at Mintz.
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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Breaking Down FDIC's New Advertising And Signage Rule
The Federal Deposit Insurance Corp.’s final rule on signage and advertising, coming on the heels of a campaign against nonbank businesses purporting to offer FDIC-insured deposit products, introduces important new requirements and clarifies existing regulations for both traditional depository institutions and novel digital platforms, say attorneys at Venable.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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The Double-Edged Sword Of Biometrics In Financial Services
Financial institutions are increasingly turning to biometrics for identity verification and fraud prevention, and while there are many benefits to such features, banks must remain vigilant against growing AI technologies that could make users' information vulnerable to biometrics hackers, say Elizabeth Roper at Baker McKenzie and Chris Allgrove at Ingenium Biometric Laboratories.
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How 2 CFPB Advisory Opinions Affect Reporting Agencies
The Consumer Financial Protection Bureau issued two advisory opinions last month that demonstrate a continued commitment to address inaccuracies in background check reports and consumer file disclosures through broad interpretation of the Fair Credit Reporting Act, expanding on a coordinated federal agency effort, say attorneys at Cooley.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Following Banking Regulators' Breadcrumbs To 2024 Priorities
Through blog posts, speeches, and formal guidance and regulations, prudential and other federal and state financial regulators laid out a road map last year pointing to compliance priorities that should be reflected in financial institutions' planning this year, say Laurel Loomis Rimon and Gina Shabana at Jenner & Block.
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New SDNY Whistleblower Program May Be A Game-Changer
A new pilot program in the U.S. Attorney’s Office for the Southern District of New York promises to immunize from prosecution certain individuals who blow the whistle on financial crimes and corruption, and if similar self-disclosure programs are any indication, this significant new policy may measurably increase white collar investigations, say attorneys at Paul Hastings.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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A Guide To New Russia Sanctions For Foreign Financial Cos.
Attorneys at Foley Hoag take foreign financial companies on a deep dive into the compliance advice the U.S. Office of Foreign Assets Control issued after President Joe Biden's December executive order widened a Russian import ban and authorized sanctions against businesses that transact with Russia's military-industrial base.
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The Questions Around Prometheum's SEC-Compliant Strategy
While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.
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How Russia Sanctions Bills Could Reshape Asset Forfeiture
Several U.S. legislative proposals to seize billions in frozen Russian assets for post-war reconstruction of Ukraine would bypass traditional asset forfeiture guardrails, making it crucially important that practitioners remain vigilant and understand when to proactively engage with the government, say attorneys at Kasowitz.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.